Govt plans law for lenders to pursue defaulters abroad

govt plans law for lenders to pursue defaulters abroad

Sumary of Govt plans law for lenders to pursue defaulters abroad:

  • MUMBAI: The government has proposed changes to the bankruptcy legislation by adopting a global model law that will enable lenders to apply the insolvency law to defaulters’ assets lying overseas.
  • The changes would also allow execution of orders against defaulters by overseas courts that have adopted the model law.
  • The government has invited public comments on the proposed modifications by December 15. The comments can be sent only through a web link provided on the website of the Insolvency and Bankruptcy Board of India (IBBI).
  • The model law is provided by the United Nations Commission on International Trade Law (UNCITRAL) — a subsidiary body of the UN.
  • The model law lays down the basic framework for cooperation between domestic and foreign courts, and domestic and foreign insolvency professionals.
  • It also provides a framework for the commencement of domestic insolvency proceedings when a foreign insolvency proceeding has already commenced, or vice versa.
  • Among the bills proposed for the winter session of Parliament is an amendment to the Insolvency and Bankruptcy Code (IBC).

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